The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1887-03-24
CLEVELAND AND CANTON.
Probability That the Road VIII be Made
Estaudard Gauge,
And the Road MOrtgaged for %, 900 900
to Accomplish, that PurpOse---
Interesting Meeting Of
the 6tOckhOIderG

An interesting meeting of the stock
holders Of the Cleveland 4 Canton Rail-
road was held at the general offices Of
the company here to-day. The object Of
the meeting was to determine whether
or not the road should be widened to
standard gauge. Under the recently en-
acted statute Judge Pease appointed
attorneys Joseph B. FreRse, John G.
M0ng and henry A. Wise as inspectors
to conduct the meeting. The meeting
was called to order at 11:30 q. m. by
President Blood. who submitted a resO-
luton by Mr.. Louis Coleman, of Boston,
representing forty-twO Thousand pre-
ferred and twenty.One thousand common
shares Of stock, declaring 1t the inten-
ton Of the stockholders to issue So 000,-
600 worth of interest bearing
bonds, with the product Of
which to widen thu gauge Of the road to
standard and reduce the present Interest
expense $400 per week. In this resOlu
tlOn was expressed that the earnings Of
the road would be increased.
In response to the inquiry of A. W.
Fairbanks, Esq, Of Indianapolis, coun.
sci, with w. A. Lynch, ESQ, and Lynch
& Day, of this city, for the eC0rbln-Parlln
interests Mr.. Blood stated that state
ment of he financial condition Of the
road had been filed with the State
authorities at Columbus.
President Blood submitted Mr.. Cole
mans resolution and called for vote.
Mr.. W. 0. Chapman rendered big bunch
Of proxies, representing over forty-two
thousand share Of preferred and twenty
ty-one thousand shares Of common stock
to vote In favor Of the resolution.
Mr.. Lynch challenged the vote and de-
manded that each proxy be announced
separately. An animated discussion
upon the legality of this demand was
had between Messrs. Lynch and Fair
banks, for the COrbin.Parlin party, and
Messrs. q. A. Blood, r 8. Shields,
Esq, and W. o. Chapman for the
Blood party. The inspectors finally
counted the proxies individually. This
tedious work was concluded at las
when the meeting adjourned for dinner.
AFTERNOON SESSION.
At the afternoon session W. A. Lynch,
Ksq., demanded statement from Presi-
dent Blood as to whether or not the
shares Of stock held by Mr.. W. o. Chap
man, as trustee, were included In those
voted. Mr.. Blood responded that he was
unable to answer the question.
The polls were then declared closed
and the inspectors retired to count the
votes.
There being no votes cast in the mega
tive the resolution was declared carried.
As the votes cast were only those Of
the Blood party, no CGrbin' Parlin stock
holders voting, the resolution as passed
carries with 1t no weight. 1t is
mere q declaration faVOring the mort
gaging OF the road for the purpose Of
paying of existing debts, widening the
gauge, etc, while the number of votes
cast In favor Of the resolution Is short
Of twO.thirds Of the stock, the amount
required to take the action advised In
the resolution.
The COrbin. Parlin people favor mort
gaging thu road as d signated In the
resolution, but do not propose to lake
any action until after the annual elec-
tion of officers In May, when they expect
to Oust the Blood management. The lat
ter faction dtes not propose to be fred
out, and will retain possession of
the property as long as possible.
The resolutlO ls presented at the CIeve-
land g Canton Railroad stockholders
meeting Tuesday in full are follows:
By Treasurer George N Smalley, which
was carried:
RESOLVED. That we, the stockholders
OF the Cleveland & Canton railroad COM
pany, representing over 4,2O0 preferred
shares and over 2,100 shares common
stock, here assembled, pursuant to q call
duly iseued to see If the stockholders
will authorize the Issue Of its interest
bearing bonds and secure the same by a
mortgage, not exceeding $4,000, 900, on
the Income and property Of the COM
pAny, the proceeds 70 be used In chang
ing the gauge Of the road and In retlr-
Ing the outstanding obligations of the
company, now bearing o high rate Of
interest, and In refunding the same at q
lower rate Of interest, all being In 8c-
C0rdance with the recommendations
contained In the last annual report of
the Board OF Directors, do now and here.
by desire TO place on record our firm
convictions that the interest," of every
stakeholder will suffer serious injury by
any delay In voting to authorize such
mortgage which would reduce the In
terest charges $400 per week and would
increase the earning capacity Of the
road and the ratio Of net earnings and
give reasonable hope Of some future
return to the stockholders. Wherefore
be 1t further
RESOLVED, lat the best interests Of
the corporation and Of Its stockholders
demand that all the stockholders should
to day and at this meeting join in vot-
ing and authorizing such mortgage.
INSPECTORS REPORT.
CANTON, O., March 20, 1887.
At an election held by the stOckh0ld-
ers Of the Cleveland & Canton Railroad
Company at the Officeo0f said company
!. In the city OF Canton, Stark county, o.,
at which said election Joseph Fresse,
Henry A, Wise and John 9. MOng acted
as inspectors, at which said election the
resolution which ia hereto annexed